Corrective bounce from the 1.6290 low has seen gains checked at the 1.6455/1.6500 resistance
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.6680 | * | 19 Apr high | S1 | 1.6365 | 10 Apr low | ||
R3 | 1.6600 | * | congestion | S2 | 1.6290 | * | 29 Apr low | |
R2 | 1.6500 | * | 24 Apr high | S3 | 1.6200 | * | congestion | |
R1 | 1.6455 | congestion | S4 | 1.6130 | ** | 2 Jan YTD low |
07:30 GMT - Corrective bounce from the 1.6290 low has seen gains checked at the 1.6455/1.6500 resistance. Rejection there to break the 1.6400 level see pressure returning to the downside for retest of the 1.6365 support then the 1.6290 low. Break of the latter will see room to extend losses within the bear channel from the August high to the 1.6200 congestion then the 1.6130, January YTD low. Meanwhile, resistance at the 1.6455/1.6500 area now expected to cap and sustain losses from the 1.6680 high.